Americans Set To Spend $39 Billion On Back-to-School Shopping This Year

Americans are expected to spend $39 billion on back-to-school shopping this year, a slight decrease from last year’s record $41.5 billion, according to estimates from the National Retail Federation (NRF), Alicia Wallace and Matt Egan reported for CNN.

The NRF expects 2024’s back-to-school spending to be the second-highest on record at $38.8 billion, or $874.68 per household.

Last year, consumers spent more than $890 per household, surpassing the previous record set in 2021 by about 12%.

Factors such as high prices, a strong labor market, slowing inflation, and a resilient US economy contributed to the significant spending. However, this year, consumer spending is more restrained due to the compounding effects of price hikes and an economic slowdown, leading to uncertainty.

Despite these challenges, the NRF expects 2024’s back-to-school spending to be the second-highest on record at $38.8 billion, or $874.68 per household.

The outcome of this shopping season could serve as a critical indicator of consumer confidence and the health of the consumer-driven economy.

“There still seems to be quite a lot of intent to go out and spend,” said Mark Mathews, NRF’s executive director of research. However, consumers have become “very, very price-conscious,” he added.